A USC-licensed startup that developed an intranasal drug delivery system for brain tumors will be listed for the first time on Nasdaq on Wednesday. To celebrate the direct listing, the USC Stevens Center for Innovation and the startup, NeOnc Technologies Holdings Inc., will ring the opening bell at 9:30 a.m. EDT/6:30 a.m. PDT.

NeOnc is based on intellectual property developed by neurosurgeon and NeOnc founder Thomas Chen of Keck Medicine of USC, who is also a tenured professor of neurological surgery and pathology with the Keck School of Medicine of USC. NeOnc is the first USC-licensed biotech company with agreements through USC Stevens to go public.

The promising cancer drug is just one example of the groundbreaking discoveries that research universities bring from the bench to a patient’s bedside through collaborations with biomedical and pharmaceutical companies.

“University research is the cornerstone of groundbreaking medical advancements,” said Ishwar Puri, USC senior vice president, research and innovation. “Our researchers and innovators are pioneering novel treatments that have the potential to transform patient care. By fostering collaboration across disciplines and with industry collaborators, we accelerate the path from discovery to real-world impact, ensuring that scientific breakthroughs lead to tangible improvements in human health.”

USC holds an equity interest of less than 5% in the startup. Chen, who has been studying the potential treatment for more than a decade, is a shareholder and the founder of NeOnc.

NeOnc: USC-licensed startup’s initial focus

NeOnc’s initial focus is on treating malignant gliomas with a proprietary drug called NEO100, an ultra-purified perillyl alcohol with cancer-fighting properties now in phase 2 clinical trial.

Glioblastoma, the most aggressive malignant glioma, is among the toughest cancers to treat, due to its ability to infiltrate brain tissue. Complete surgical removal is difficult, and median survival is only 15 months. Malignant gliomas affect up to 15,000 Americans each year.

“Our approach allows us to bypass the blood-brain barrier and target the tumor directly,” said Chen, who estimates he has treated over 1,000 glioblastoma patients since he joined the USC faculty in 1997. “The molecule we’re delivering is inhaled through the nose, crosses the nasal passage, interacts with the olfactory nerve and then enters the cerebrospinal fluid and circulates throughout the brain. This is different from traditional chemotherapy which is usually given orally and intravenously.”

Researchers completed phase 1 clinical trials demonstrating safety and tolerance to NEO100 in 2019. For the phase 2 clinical studies now underway, NeOnc has 10 clinical sites recruiting patients and has recently partnered with a clinical research organization to launch clinical trials across 30 FDA-compliant clinical research sites in India, increasing patient enrollment and accelerating global development efforts.

‘Pivotal milestone’ for USC-licensed startup NeOnc

Amir Heshmatpour, the co-founder and executive chairman of NeOnc, said of the direct listing: “This marks a pivotal milestone in our clinical journey. We remain fully committed to accelerating the path to market for our transformative treatments. This listing is more than just a milestone — it’s a clear signal of our momentum and the strength of our vision. We’re entering a new chapter, and the best is yet to come.”

Chen has his sights on other targets besides glioblastoma. Inhaled drugs could be used to treat pediatric brain tumors, metastatic brain cancer or even drugs that fight Alzheimer’s disease.

“What we’re doing is proving the principle that our delivery method can effectively transport agents to the brain,” Chen said. “Once we demonstrate this for brain cancer, the same approach could be used for any brain disease where there’s a potential therapeutic effect.”

USC Stevens works to move the discoveries of USC researchers from the lab to the marketplace. It was launched in 2004 with a $22 million endowment from Mark and Mary Stevens. Mark Stevens is a USC Viterbi School of Engineering alumnus and USC trustee.

Erin Overstreet, executive director of USC Stevens, said NeOnc’s direct listing illustrates the importance of the university’s support for scientific innovation.

“Stevens’ role is to support early-stage companies like NeOnc with startup-friendly terms that enable progress toward critical milestones — like a public listing — and without creating unnecessary barriers.”

Years before University Professor Adam Leventhal became a leading expert on addiction, he was a teenager growing up at the height of teen smoking in the 1990s.

Like his friends, he was a “kid cigarette smoker” who later struggled to quit. When methamphetamine became a problem in his San Diego high school and affected his friends, he witnessed addiction up close.

“At a young age, I wanted to understand what compels a nice, intelligent person to repeatedly engage in an action they know is bad for their health, and damages their relationships, friendships and other aspects of their life,” said Leventhal, a University Professor of Population and Public Health Sciences and Psychology at the Keck School of Medicine of USC. Leventhal also holds an appointment with the USC Dornsife College of Letters, Arts and Sciences.

Today, Leventhal, a clinical psychologist and researcher, is the founding executive director of the USC Institute for Addiction Science, or IAS, which has 80 faculty members across 10 USC schools, colleges and hospitals. In February, Leventhal was named a University Professor, one of USC’s highest academic honors. In March, the American Academy of Health Behavior will recognize Leventhal as its 2025 Research Laureate Award winner.

“Adam has built something that has created tremendous value out of thin air,” said IAS member John Monterosso, an associate professor of psychology at USC Dornsife. “The Institute for Addiction Science has become a premier, world-class center that researchers at other universities are looking to emulate.”

“For many of us, IAS is the primary source of research collaboration at USC,” Monterosso added. “I can think of several people with whom I now work, whom I would have barely known were it not for IAS.”

Working on a mission

Not long after Leventhal joined USC in 2009, his intellectual interest in addiction began shifting into something more personal and mission-driven. He had a good understanding of the typical academic formula, winning grants and publishing papers. Rinse, repeat.

Then, in 2010, his brother disclosed that he was struggling with opioid use disorder. He had nearly overdosed.

“He’s my best friend. I’m a clinical psychologist and supposed to be someone who can ‘spot’ addiction — and I totally missed it,” Leventhal said. “I’m grateful that he took my encouragement to go into treatment right away.”

In 2018, Leventhal started putting together what became the IAS with the help of John Clapp at the USC Suzanne Dworak-Peck School of Social Work, Daryl Davies at the USC Alfred E. Mann School of Pharmacy and Pharmaceutical Sciences and others.

“I wanted to have a broader impact on public health. I noticed there were many talented people across different schools at USC doing incredible work in addiction, but they weren’t collaborating,” Leventhal said. “So I cold-emailed the provost, pitching the idea of starting a center. I was pleasantly surprised to get unanimous support from our leadership who encouraged us, ‘make it bigger.’ Over time, it grew into the IAS — a comprehensive, universitywide institute that unites diverse fields and fosters collaboration.”

Members of IAS study the causes, consequences and interventions for a range of addictive behaviors: nicotine, cannabis, gambling, excessive digital media use, opioids, alcohol-associated liver disease, cancer and more. The IAS’ research team represents a cross section of various disciplines, involving experts on brain health, pharmacology, public health, policy and engineering.

For example:

• Ricky Bluthenthal of the Keck School of Medicine is working on innovative harm reduction programs to help people who inject drugs.
• Daryl Davies of USC Mann is developing novel compounds, including nutritional supplements, to reduce alcohol consumption and protect the liver.
• Eric Pedersen of the Keck School of Medicine is working on digital new-wave interventions to reduce binge drinking among college students.
• Olivia Lee of the USC Suzanne Dworak-Peck School of Social Work studies how employment insecurity influences substance use from a life course and intergenerational lense.
• Rosalie Pacula of the USC Price School of Public Policy and the USC Schaeffer Center for Health Policy & Economics, a health economist, is the premier global expert on cannabis policies and their effects on public health.

“These are just a few examples,” said Leventhal. “There’s so much happening across different disciplines at USC.”

The IAS has seen a steady rise in addiction-related funding, with some years experiencing more than double the funding compared to its inaugural year. Additionally, the number of funded projects involving collaboration between principal investigators across multiple departments has also grown, reflecting IAS’ commitment to interdisciplinary research and innovation.

Leventhal’s own work, supported by $75 million in grants, includes research on the harms associated with electronic cigarettes and vaping, as well as the marketing of these products to young people. A 2019 study published in JAMA and led by Leventhal, showed that minty and fruity flavored e-cigarettes were widely used among U.S. teens, resulting in federal regulations intended to rein in soaring e-cigarette use among youth. In 2020, the FDA appointed him to its Tobacco Products Scientific Advisory Committee.

Personalized care

Leventhal’s long-term goal is even more ambitious: to create a treatment center that revolutionizes science-based addiction care — and do it at USC.

“Because addiction is stigmatized, it is relegated to the fringes of health care and lags behind other diseases. Many suffer and die prematurely, which is unnecessary and unfair,” Leventhal said. “We know there is not a single route to recovery. Addiction treatment can be personalized and executed with precision, and it should be made accessible to everyone.

“Like the best cancer centers, we hope to build an addiction care center that uses AI-based algorithms to match people with the best treatments, and includes early intervention before someone hits ‘rock bottom.’ The goal is to create a place where science, treatment and prevention come together to improve lives.”

In her last State of the University address as USC president, Carol Folt on Thursday highlighted many prominent advancements the university made under her tenure over the past six years. It was Folt’s second State of the University address this week, this one addressed to health sciences faculty, staff and students at the Aresty Auditorium on the USC Health Sciences Campus. Folt will retire as USC president at the end of June.

In her speech, Folt spoke of the significant gains USC has made in advancing its research, public service and other offerings, with a particular nod to the university’s health enterprise, including its health sciences schools and Keck Medicine of USC, which together account for more than half of the university’s budget, she said.

Folt also acknowledged that changing federal policies could create more uncertainty moving forward but said this should not deter USC from remaining true to its mission of enriching minds and spirits through excellence in teaching, research, creation, professional practice and public service.

“There are things to celebrate, there are things to be concerned about and the path goes forward,” Folt said. “Our mission is evergreen. We do great work for the country, for our communities and for the world.”

She noted that the university’s mission is “probably more important than ever before.” She added: “I don’t see anything about our mission that should give us anything but commitment and pride going forward.”

Research milestone

Folt provided updates on USC’s investment in research, including in health care, biomedical research and computational science. She noted 44% growth in research spending since 2019, amounting to $1.26 billion in 2024. “Our research is not just good; it’s historic high,” she said.

“Proposals are up, requests are up, our patents are up, our license receipts are up,” she added. For 2025, the university had envisioned double-digit growth in research spending. It remains to be seen how federal changes could affect this, but Folt said that “we’re telling everybody to continue to submit proposals. The portals are still open.” She added that while some other areas of research could be at risk of federal budget cuts, she believes that commitment to biomedical research and technology will endure.

USC remains a leader in national research, with funding granted to USC principal investigators exceeding that of many other competing universities, she reported. “It just speaks to the incredible brilliance and talent of our researchers at USC,” Folt said.

She also highlighted the USC/CHLA Cell Therapy Program joint venture with Children’s Hospital Los Angeles. Its cGMP facility became operational in 2023 to study new cell therapies for macular degeneration, epilepsy, heart failure, cancer, Parkinson’s disease and gliomas.

Finally, Folt mentioned some notable start-up initiatives stemming from USC’s research, including a liquid biopsy to detect ovarian cancer (CpG Diagnostics), a drug to regenerate cartilage in aging and arthritis (CarthroniX) and a stem cell treatment for neurodegenerative diseases (AcuraStem).

Health system investment

Folt emphasized investments USC made in its health system during her tenure, including the addition of USC Arcadia Hospital to the Keck Medicine of USC health system in July 2022 and Keck Medicine’s soon-to-open, newest location in Pasadena.

These additions “will allow us to both expand our research and expand our clinical footprint and our clinical access,” she stated.

She also highlighted the USC Alfred E. Mann School of Pharmacy and Pharmaceutical Sciences endowment of $50 million and the Alfred E. Mann Department of Biomedical Engineering endowment of $35 million. Furthermore, she congratulated USC Mann’s dean, Vassilios Papadopoulos, for winning the 2025 Outstanding Dean Award from the American Pharmacists Association.

On the health care front, Folt stated, “We’ve been working on doubling our research expenditures. A big part of that success is people here. We want to be a top 20 medical school, and we want to be a $5 billion health system in order to really be able to meet the goals we’re trying to do.”

Dedication to excellence across fields

Folt also lauded USC’s leadership in athletics, arts, public service and more.

USC’s recent move to the Big Ten Conference creates new opportunities for the university’s student-athletes, she pointed out. “We are in the big tent,” Folt said. She also pointed to the achievements of women athletes in soccer, basketball and beach volleyball.

She also congratulated USC alumni Walter Salles, Alex Coco and Doug Hemphill for their wins at Sunday’s Academy Awards. On the arts front, Folt highlighted renovations serving the USC School of Dramatic Arts.

Staying true to goals and values

Another theme of Folt’s address was that amid change, the university should stay committed to its cultural mission and goals.

At the start of her speech, Folt recapped key recent milestones, including the creation of a rock garden on the USC University Park Campus honoring the university’s Nisei students, the Trojans of Japanese American heritage who were forced to leave USC during World War II and then denied the opportunity to finish their degrees; the renaming of the Center for International and Public Affairs building to honor late USC alumnus and Native American historian Joseph Medicine Crow; and the naming of the Allyson Felix Field in honor of track star and USC alumna.

Folt also noted the university’s dedication to sustainability, including green medicine, and mentioned the USC Sustainability Hub as a new location for USC community sustainability endeavors moving forward.

Building a national presence

Historically, the university’s ability to navigate “external forces,” including the COVID-19 pandemic and more recently the Southern California wildfires in January, demonstrates how the university can overcome future challenges, including upcoming changes in the federal government, Folt said.

“All these things do drive change, and in most cases I think we’ve been pretty good about taking advantage of those changes or those drivers to make changes that actually help us going forward,” she said.

She also emphasized the need for USC to continue to aim to be “the international standard bearer” in setting a model for progress, innovation and excellence. USC’s national reputation is growing, she said: “You’re going to see a lot of evidence for how we’re much more broadly known across the country and across the world.”

Furthermore, by opening the USC Capital Campus in Washington, D.C., in 2023, USC is also focused on increasing its East Coast presence, expanding the university’s academic and research reach.

This location also serves as a base for USC’s outreach to health policy makers. “We’ve had almost 200 big events and conferences there, and a lot of that is health policy, where you want to be in the center,” Folt observed.

Staying visible and involved will also be critical to navigating upcoming change, she said. “The truth is we’re facing new shocks, so we’re going to have to work very carefully with great prudence and make sure that we’re always mission-central,” Folt said.

Later, she added: “You do your best, but you follow the law … trying to do this in a right way that doesn’t jeopardize everything we have but also keeps us going forward and gives a voice that people can appreciate and understand. We are educators.”

She concluded: “Our mission is strong. Our success for USC is being not only big — because when it happens here, it happens to a lot of us, having new ideas, being fast — but we only succeed when we do it together.”

This story was originally published on March 19, 2019, and has been updated. 

If the switch to and from daylight saving time has you yawning more than usual, you aren’t alone.

It takes some people a full week to recover from feeling more sluggish than usual after rolling back the clock for daylight saving time. Experts call the phenomenon “social jet lag.”

Much like the jet lag we experience after flying across time zones, losing an hour upsets our circadian rhythm. That not only throws off our sleep schedule but actually has impacts on the cellular level, since many biological functions are timed to that clock.

“It really messes people up,” said Steve Kay, the director of the USC Michelson Center for Convergent Bioscience who is considered one of the preeminent experts in circadian rhythm.

“It affects human performance. The data has been clear in terms of traffic accidents and there’s also data that it’s not great in terms of cardiovascular health: Heart attacks go up.”

In California, daylight saving time could become year-round after voters in 2018 approved Proposition 7. The ballot measure allows the state legislature to make daylight saving time permanent — provided federal law is changed to allow the move.

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Research shows there are all kinds of health concerns when it comes to circadian disruption. When experienced long term, as is the case with night shift workers, an individual’s likelihood to develop obesity, Type 2 diabetes or cancer increases, according to USC experts.

OSHA includes daylight saving time side effects in its trainings, since workplace accidents increase by about 6 percent.

Some proponents of the proposition brought up the health concerns, such as upticks in traffic accidents and heart attacks, but USC experts say they’re missing the mark. Permanent daylight saving time wouldn’t solve this issue; instead, it would prolong it — adding more days of social jet lag to the year.

Year-round daylight saving time and cellular function

A recent study by Kay and his team showed that circadian disruption changed the way cells function to the point of increasing disease risk, including cancer.

It’s also a change that could disportionately impact teenagers, whose clocks are biologically shifted to wake up later. When they sleep in late on the weekends, it’s not just lethargy — it’s biology, Kay said. That’s the reason some schools are shifting their start times. A study showed students got 34 minutes more sleep, on average, when school started later.

“As we age, our biological clocks shift earlier,” Kay said.

If anything, Kay says, California should consider switching permanently to standard time, like Hawaii and Arizona. The Society for Research of Biological Rhythms penned a letter to the author of Proposition 7 in support of that. Although it would mean earlier nights, it would address the health implications associated by starting your day in darkness.

“Our highly evolved circadian lifestyle is making us ill,” Kay wrote in a recent paper. “Humans are not evolved for night shifts, nighttime lights and intercontinental travel. Modern life challenges to our circadian system present a long-term threat to our health.”